Using Inventory Lab to Track Multiple Purchase Prices
An important feature of accounting software is the ability to track your inventory expenses over time, even when you paid different prices for that inventory.
I don't talk about accounting principle often since I am not an accountant and I don't know too many accounting principles. If I get something wrong, someone yell at me in the comments. I give you permission this time ;)
Hopefully if we do accounting posts in small enough chunks, maybe we can learn some of the principles together over time.
There are two ways to handle this situation in your books. One is called First In, First Out (FIFO) and the other is called Last In, First Out (LIFO).
I know this because of Wikipedia
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I don't talk about accounting principle often since I am not an accountant and I don't know too many accounting principles. If I get something wrong, someone yell at me in the comments. I give you permission this time ;)
Hopefully if we do accounting posts in small enough chunks, maybe we can learn some of the principles together over time.
There are two ways to handle this situation in your books. One is called First In, First Out (FIFO) and the other is called Last In, First Out (LIFO).
I know this because of Wikipedia
Read more »
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